How to collect rents when buying a home with a renter

Question

Hi im purchasing my first property and wanted to know how everyone accepts rent payments.

id prefer a 3rd party collect (program) and depsot the money to me but wanted to know all options

John Underwood · Answer

I use Rentredi.

I also use Paypal, Zelle, Venmo.

I make it as easy as possible for people to give me money.

I track it all in a spreadsheet for many properties.

Adam Bartomeo · Answer

In today's world you can accept all kinds of payments. About 90% of our tenants pay online through our portal and the other 10% pay cash, check, or money order.

Nicholas L. · Answer

@Reyna Ayala

hire a PM and let them worry about it

Denise Supplee · Answer

There are many options, now. It is important to consider the fees charged. Some can be very high. I have used Paypal, Venmo, and Landlord Studio. Property managers use many of the same options available to all of us such as RentRedi, Zillow Rent Manager, Avail. There are so many. Just make sure you check them out, look at their reviews and ask them about issues with fraud. That has been a huge issue all around but there has been an increase in the rent collection sector.

Tony Savage · Answer

Zelle & Venmo, then record on my spreadsheet. This also gives tenant proof the their rent has been paid.

How to collect rents when buying a home with a renter

How to collect rents when buying a home with a renter

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